Section 1 definition of "board of governors" BEFORE repealed by 2003-48-36, effective March 12, 2004 (BC Reg 88/2004).
"board of governors" means the board of governors of a foundation listed in section 2 (1) and includes, in the case of the University of Northern British Columbia, the council appointed under section 3 of the University of Northern British Columbia Act;
Section 2 (2), (3), (6) and (7) BEFORE amended by 2003-48-37, effective March 12, 2004 (BC Reg 88/2004).
(2) A foundation referred to in subsection (1) consists of
(a) 3 members appointed by the Lieutenant Governor in Council, and
(b) 2 members appointed by the Lieutenant Governor in Council from a list of 5 members of the board of governors of the relevant university nominated by that board of governors.
(3) A member is to be appointed for a term of 3 years, but if a member appointed under subsection (2) (b) ceases to be a member of the board of governors, the person's appointment as a member is terminated.
(6) The persons appointed under subsection (2) constitute each board of governors.
(7) The Lieutenant Governor in Council must designate the chair of each board of governors.
Section 2 (8) and (9) BEFORE amended by 2003-48-38, effective March 12, 2004 (BC Reg 88/2004).
(8) A vacancy in the membership of a board of governors does not impair the power of the remaining members to act.
(9) A board of governors may, by bylaw,
(a) determine its own procedure,
(b) provide for the regulation and conduct of its meetings, and
(c) elect an acting chair in the absence of the chair.
Section 4 (2) BEFORE amended by 2003-54-27,Sch A, effective April 1, 2004 (BC Reg 11/2004).
(2) The share in each foundation must be issued to and registered in the name of the Minister of Finance and Corporate Relations and must be held by that minister on behalf of the government.
Section 7 BEFORE amended by 2003-48-38, effective March 12, 2004 (BC Reg 88/2004).
7 (1) On behalf of and in the name of the foundation, a board of governors may raise or secure the payment or repayment of money in the manner it decides.
(2) In particular but without limiting subsection (1), a board of governors may raise or secure the payment or repayment of money by the issue of debentures.
Section 8 (1) BEFORE amended by 2003-48-38, effective March 12, 2004 (BC Reg 88/2004).
(1) Subject to a contrary intent expressed in a gift, devise, bequest or trust, section 15 of the Trustee Act does not apply to investments made by each foundation, and a board of governors may make investments that a prudent person would make.
Section 10 (2) BEFORE amended by 2003-48-38, effective March 12, 2004 (BC Reg 88/2004).
(2) Investments or reinvestments must be made under the direction of the board of governors or by the investment counsel subject to the approval of the board of governors.
Section 11 (1) and (3) BEFORE amended by 2003-48-38, effective March 12, 2004 (BC Reg 88/2004).
11 (1) A board of governors may determine by resolution the manner in which the funds and property available in each year are to be used and distributed for the benefit of the university and its programs, faculty and students.
(3) If, in the opinion of a board of governors, the directions, terms or trusts imposed by a donor, settlor, transferor or testator are no longer in the best interests of the foundation, the board of governors may apply to a judge of the Supreme Court for an order authorizing such variation of the directions, terms or trusts as the court, having the intent of the donor, settlor, transferor or testator in mind, considers will better further both that intent and the best interests of the foundation.
Section 11 (3) BEFORE amended by 2009-13-195,Sch 1, effective March 31, 2014 (BC Reg 148/2013).
(3) If, in the opinion of a board, the directions, terms or trusts imposed by a donor, settlor, transferor or testator are no longer in the best interests of the foundation, the board may apply to a judge of the Supreme Court for an order authorizing such variation of the directions, terms or trusts as the court, having the intent of the donor, settlor, transferor or testator in mind, considers will better further both that intent and the best interests of the foundation.
Section 12 BEFORE amended by 2003-48-38, effective March 12, 2004 (BC Reg 88/2004).
12 A board of governors may
(a) appoint the officers and employees it considers necessary, and
(b) by resolution determine the terms and conditions of their employment.
Section 13 BEFORE amended by 2003-48-38, effective March 12, 2004 (BC Reg 88/2004).
13 The accounts of a foundation must be audited at least once a year by an auditor appointed by the board of governors who is qualified to be the auditor of a reporting company under the Company Act.
Section 13 BEFORE amended by 2003-70-301, effective March 29, 2004 (BC Reg 64/2004).
13 The accounts of a foundation must be audited at least once a year by an auditor appointed by the board who is qualified to be the auditor of a reporting company under the Company Act.
Section 13 BEFORE re-enacted by 2012-12-124, effective May 14, 2012 (Royal Assent).
13 The accounts of a foundation must be audited at least once a year by an auditor appointed by the board who is authorized to be the auditor of a company under sections 205 and 206 of the Business Corporations Act.
Section 14 BEFORE amended by 2003-52-496, effective January 1, 2004 (BC Reg 465/2003, repealing BC Reg 428/2003).
14 Property vested in a foundation is exempt from taxation under the Local Government Act, the Vancouver Charter, the Taxation (Rural Area) Act and the School Act if the property is being used for educational purposes in connection with a program operated by the relevant university.
Section 15 (1) and (2) BEFORE amended by 2003-70-302, effective March 29, 2004 (BC Reg 64/2004).
15 (1) Subject to an order under subsection (2), the Company Act does not apply to the foundations continued under this Act.
(2) The Lieutenant Governor in Council may, by order, direct that some or all of the Company Act does apply.